Real Estate: My MIL fell for an email scam closing on a house and wired $62K to scammers |
- My MIL fell for an email scam closing on a house and wired $62K to scammers
- Why do folks hate popcorn ceilings so much?
- Touring potential homes without your significant other
- Any insight into closing in December vs January?
- Plan to buy $388k land and build a small single story house. Any advise please.
- Buyers agent for new construction?
- Using HELOC as downpayment for a move... yes or no?
- Red flags with home inspector?
- Closing date finally issued..almost there? Any issues left to be aware of in these final days?
- Should I : buy a smaller place first VS save up longer for ideal place?
- Didn't receive closing disclosure
- What is the best way to find property listings in my area?
- Does it make sense to put primary residence in LLC for asset protection?
- Are there any downsides to unrestricted rural subdivisions?
- When to start looking for broker?
- Income property/DTI question
- Not selling? Raise the price.
- What are the DISADVANTAGES of a Corner Lot?
- considering buying a home but "property has mold and broken pipes, flooded", any idea what this would costs to repair? 10K? 70K? rough estimate? Pics of floors above ground look fine so presumably flooding is isolated to basement but of course mold could be on upper floors as well. Thoughts?
- How much $ to take off for unpermitted space?
- To appraise or not to appraise?
- Prices just seem bananas....should we wait it out? (FL)
- Appliances in a New Construction - Finance or buy outright?
- When shopping for a house would it ever be wise to just use the listing agent as your buyers agent?
| My MIL fell for an email scam closing on a house and wired $62K to scammers Posted: 26 Oct 2020 01:57 PM PDT *EDIT: forgot to add that they sent the banking info (routing number and account number etc) in a MICROSOFT WORD DOCUMENT 🤦🏻♀️ Somehow these scammers figured out that they were buying a house and I guess pretended to be her agent that she's been working with. The worst part is that we (my SO and I) not more than a week ago, just told her to stop sending any money to people and told her about all the scams because she had her PayPal hacked and ended up sending the scammer around $500! We specifically told her that no one will ask for payment through email ever and to always pay attention to emails that have typos and grammatical errors especially. She sent the money on Monday and on Thursday got a call from the actual title agent (? Or whoever she would send the down payment on a house to) so they could go through the process of getting the money. We immediately called the banks and I told her she needed to have a wire recall done in hopes it would be able to get the money back. I doubt it though since it was already a few days since she sent it. $62K and these were the emails they used. My SO has been pissed off and we just cannot believe the stupidity of this. [link] [comments] |
| Why do folks hate popcorn ceilings so much? Posted: 27 Oct 2020 09:13 AM PDT Neighbors house is for sale at a reasonable price and is in good condition. 4 beds, 2 baths. All decently sized. Updated kitchen and bathrooms. Great looking hardwood floors throughout. Only problem is that there is popcorn ceilings throughout the house, in every room except for the kitchen and bathrooms. I'm convinced this is what's turning off buyers as comparable homes that are less nice are selling for significantly more. Why do buyers hate popcorn ceilings so much? They are passing on what is actually a good buy, despite the crazy Covid marketplace currently going on for a stupid cosmetic reason. [link] [comments] |
| Touring potential homes without your significant other Posted: 27 Oct 2020 06:40 AM PDT This housing market is so insane that if you don't view a house as soon as it hits the market you pretty much lose out. Both my husband and myself work shift work and we only get two days where we are off together. I'm finding myself having to tour houses without him. Has anyone else had to do this? We are on the same page as to our likes, needs and wants but still the thought of making an offer on a home where one of us doesn't have the chance to tour it scares me sometimes. [link] [comments] |
| Any insight into closing in December vs January? Posted: 27 Oct 2020 09:16 AM PDT I'm in the US and am wondering if it makes sense to set the closing date as the end of December or beginning of January. Of course this is a strange year with covid and the election, but I'm about to put an offer in a new construction home that's already done and wonder if I should make the closing date at the end of December or early January. I'm thinking I have some flexibility since it's new construction and there are no sellers that have to move at Christmas time. I'm can be flexible when I move. I've heard never have the closing date on a Friday so I'll avoid that. I'm Looking at December 28th which is roughly 60 days from now but that may be just as bad if my LO takes off the week after Christmas anyways. Any realtors out there with experience with end of year closings? Should I wait til January? [link] [comments] |
| Plan to buy $388k land and build a small single story house. Any advise please. Posted: 27 Oct 2020 09:00 AM PDT Hello, I would like to build a small and bright single 3 BD and 2.5 BA story house with vaulted ceiling on 1 acre land in Centreville, VA. I have found 388k land with public sewer, electric, natural gas, water for public hook-up, and no HOA. https://www.redfin.com/VA/Centreville/13430-Lee-Hwy-20120/home/112855448 I know there are options to buy an old house and do the remodel, but the very old houses (3bd and 1 ba - 900sqf very low ceiling) in Centreville area starts at 450k. I wish I can finish all in 500k, but I would like to hear your honest opinions and how much will be cost to achieve my dream. And also want to know I can get a loan for the land. ———————————————————— My current situation: I have a 3bd 3.5ba townhouse(sub division: COMPTON VALLEY ESTATES, 20121) in Centreville, Virginia. Its value is around 400~420k. I am paying $1848 per month for mortgage (15 yrs conventional mortgage and 160k left to pay off). My wife brings home $4,300 after tax and 401k and I bring $5,600 after tax and 401k. The credit score of both are above 780 and we have debts of credit card ($5000, $75 minimum), a car ($7900, $450 per month), and student loan ($15500, $230 per month). I have almost nothing in the bank account. $7k in stock and 20k in 401k [link] [comments] |
| Buyers agent for new construction? Posted: 27 Oct 2020 08:12 AM PDT My husband and I are under contract for a new build. I found the property, and my realtor admitted that she didn't even have it on her radar for us. Pretty sure she had stopped looking which doesn't bother me too much. Here's the back story. We worked with her for a short time before deciding on renting. It was a few weeks. We had switched realtors due to location. About half that time we were under contract, but ultimately didn't close due to a seller issue. We have been renting for 2-3 wks now, and it's a short term lease. Since this is a good time frame for new construction I started keeping my eyes open. Ultimately, the property is a great match for us. Dare I say, perfect. I contacted our realtor because I figured it would be good to have someone representing us and managing the transaction, but thus far I am almost regretting our decision. For example, I found out today that the builder has been waiting for our ID's from our realtor. I had no idea and within minutes emailed them to the builder. Initially, she told us she wanted to talk to us quickly before signing the contract so we made time to speak with her. Right before she called she texted me to let me know that the sales agent from the builder and the construction manager would be on the line so instead we were blindsighted with a 45 minute meeting that we were not at all prepared for. She decided a few transactions ago to take me off the contract and in her defense I was so blindsighted that I didn't rebuttal, but I have realized how irritating this was to me. The design meeting is today, and she is none the wiser. She seems very removed from the process at this point, and I have no desire to go out of my way to loop her in when she is the one getting paid. Ain't nobody have time for that. Ha! I have always read that one of the benefits of having a buyers agent during a new construction process is their ability to negotiate upgrades. Well, she isn't doing that. She hasn't been a facilitating communication very well either. What's the point? Now, I know we aren't paying her. However, the money they are paying in commissions could probably negotiate us some upgrades so I almost feel like we are paying her? Also, in the event that something were to come up, I am starting to feel my confidence waning about her being the one representing us. I hate to say it because she seems very nice. I like her generally speaking and we are bound to see each other again as we are in a same circle. To be honest, had it not been for this connection I wouldn't have called her when I found this house because I had already experienced her lacking communication during critical times. My people pleasing tendencies are real. I was really hoping that since was a pretty straightforward and simple (God willing!) transaction she would do well. I guess the question now is can I release her from the contract if we choose? We don't have an independent agreement with her, but she is on the contract for the new build for 3% commission. Also, is there a benefit of keeping her on that I am missing? It is still early in the process, but I guess that my concern is that if the experience is lacking now...what hope is there for later? [link] [comments] |
| Using HELOC as downpayment for a move... yes or no? Posted: 27 Oct 2020 07:26 AM PDT Hello! I have been exploring options for a move my husband and I are planning. We want to make sure we end up with a house that's more turnkey/move-in ready instead of a fixer upper, which is what we currently have. We love DIY, but this house was a 7-year project and we're ready for a break. Both our neighborhood and our target one are super hot markets right now, so the competition is fierce. That said, we don't have liquid cash on hand for a downpayment, but we have a significant amount of equity in our current home. Am curious about the use of a HELOC to use as a downpayment on a new home while we get our current home on the market. A bunch of Googling suggests that it's a valid option, but nothing goes in depth or includes actual instances of people doing this either successfully or unsuccessfully and what situations are more or less conducive. I'm just wondering if there are some major pitfalls that the articles I've read have maybe omitted or glossed over that any of you may be aware of. Is this a good idea, or a real risk? Have any of you done this? What was your experience? [link] [comments] |
| Red flags with home inspector? Posted: 27 Oct 2020 07:13 AM PDT There's a home inspector my realtor is pushing pretty hard. I've been looking into some on my own. One of them has a sample report on his website, 2 others provided it upon being asked. All three reports were very detailed. Also got to see a report from my dad's home purchase. The realtor-recommended inspector claimed he was having technical issues removing private info from a prior inspection but said he'd be doing a new inspection for a sample soon, promised his reports are great. As much as I want to trust my realtor, this seems like a red flag to me. Not necessarily reflecting poorly on the realtor, but on the inspector. He's been in the business for a while and I can't be the first person to ask for a sample. It's standard to have one at the ready, right? Just looking for a gut check here. My gut is telling me "hell no" on this guy no matter how much my realtor likes him or how great his website and reviews seem to look. There's also the whole "don't use your realtor's inspector" advice that goes around a lot on the internet. Am I being reasonable? [link] [comments] |
| Closing date finally issued..almost there? Any issues left to be aware of in these final days? Posted: 27 Oct 2020 09:51 AM PDT Hey all, After much back and forth, it seems the estate will be handled. As such, my lender gave me a specific date, time and location for closing. Is this basically it? Our loan was approved by underwriting a couple of weeks ago(though I'm told it'll go again) and final inspection was ordered a few days ago. Any other things we need to do as we head towards the date, any surprises that could arise? Or is it basically all finished? [link] [comments] |
| Should I : buy a smaller place first VS save up longer for ideal place? Posted: 27 Oct 2020 09:48 AM PDT Hi, I want to hear your thoughts/experience on this. Should I get into the real estate market by buying a 1 bedroom condo now, with the intention of selling it in 10 years to get a bigger place (maybe 2 bedroom townhouse or duplex) Or save up longer for a few more years to get a bigger down payment to get that 2 bedroom townhouse in a few years time? This also means I can stay in this house for longer. To give some context, I am a 25 year old guy working fulltime and plan on having maybe 2 kids in the future. [link] [comments] |
| Didn't receive closing disclosure Posted: 27 Oct 2020 01:54 AM PDT We are in the process of buying our first home and close on 10/30. Everything has went good until tonight. Our lender said we would be receiving our closing disclosure tonight (electronically) and that it HAD to be signed tonight (to comply with the 3 day waiting period). She said the department that sends them out has been working long hours so it could be late at night when we receive it. We waited all night (it's now 01:52 the next morning) and didn't receive anything. I emailed her about it but obviously she won't reply until morning. I'm very worried what happens from here? Anyone have a similar problem happen? [link] [comments] |
| What is the best way to find property listings in my area? Posted: 27 Oct 2020 09:13 AM PDT I am trying to find available properties in my area (DC). In order to do so I have been using Redfin almost exclusively. Unfortunately there seems to be a major lack of listings in my area. Are there other better known avenues to find listings that aren't on Redfin/Zillow/Realtor that all seem to have identical listings? For example I was curious about listings in the Riggs Park area but when I went to Redfin there were only like two listings when the neighborhood has thousands of residents. [link] [comments] |
| Does it make sense to put primary residence in LLC for asset protection? Posted: 27 Oct 2020 08:29 AM PDT If / when my mortgage is paid off on my home (primary residence), does it make sense to put it in a LLC as an asset protection mechanism? We may sell and move once the kids go to college, so that means we'll need to "take it out" of the LLC at some point to sell, is that easy to do? What are the tax implications? Also, if it's in a LLC, how do I determine what "rent" to pay into it? Does it have to be market value, or any number (e.g. only "enough" rent such that the LLC breaks even after all expenses)? Any advice / tips on how to do this properly, or is it not worth it? [link] [comments] |
| Are there any downsides to unrestricted rural subdivisions? Posted: 27 Oct 2020 01:32 AM PDT I am wanting to buy property for a hobby farm and a manufactured home. Both of these typically require unrestricted land. I've found a number of properties that are in rural subdivisions that are listed as no restrictions and no HOA. Are there any underlying problems with rural subdivisions that have no restrictions and no HOA? I don't want to spend tens of thousands of dollars developing my land only for someone to come in and say "Sorry, you can't have that pole barn right there." I also worry about an HOA starting against my will. Basically, I want truly unrestricted land and I am not sure if I should completely avoid subdivisions altogether. [link] [comments] |
| When to start looking for broker? Posted: 27 Oct 2020 07:24 AM PDT Hello everyone. I passed the national and state portion of the exam. However, in my state, you apply for the license after you pass the exams. I sent out my application to get the license about a week ago and am just waiting to hear back now. However, I am wondering what you think about trying to get a broker to work with. Should I start getting in touch with brokers now or should I wait until the license is approved? I don't know how long it'll be until the license is approved. I will be doing this full time and giving it my all and want to start the second I can. Thanks! [link] [comments] |
| Posted: 27 Oct 2020 07:20 AM PDT Hi everyone. My wife and I are about to make our next move and are looking at different real estate options. We are young professionals. Wife is an attorney, I'm a physician completing my 5 yrs of training. We benefit from being well educated and high income earners, but are plagued by a significant amount of our debt. Real estate investing and earning rental income is essential to our retirement/kids college funding/student loan debt. If I can have my loan payments come from rental income over the next 5 yrs, I will be a happy happy man. We already have one income property earning ~500/month net on 0$ down (doctor loan), and are looking to add units to our portfolio. My wife and I have budgeted 6k a month to mortgage for our next move, and are looking at the following options... I will be utilizing a physician mortgage
We will be utilizing a physician loan once again, and can continue to utilize the loan as we grow our real estate portfolio. Also as an aside, do you all happen to know how income properties affect 'debt-income ratio'? This will affect my choice if i'm unable to continue to purchase new homes. [link] [comments] |
| Posted: 26 Oct 2020 08:27 PM PDT I have seen several homes in my area. Listed on Zillo, Trulia and the like that have been sitting empty for a while. Then the house goes up in price. What gives? If it isn't selling for 130 k, i don't think it's going to sell for 170 k. Does this have something to do with prices of similar houses in the area or have people just forgotten how money works? [link] [comments] |
| What are the DISADVANTAGES of a Corner Lot? Posted: 26 Oct 2020 06:38 PM PDT Hey guys What are the disadvantages of buying a single-detached that's a corner lot? I heard there's a discount on them and some ppl don't like them. I'm just wondering why. I thought corner lots command a premium because there is 1 less neighbor and you get more lot size. This is just in a cookie-cutter subdivision neighborhood. [link] [comments] |
| Posted: 27 Oct 2020 06:09 AM PDT Thanks in advance for any feedback you can provide on costs. I know it's difficult to do so with limited info but if it's something in the ball park of what we can afford to pay in cash, might be doable for us. My agent is working on getting more info. [link] [comments] |
| How much $ to take off for unpermitted space? Posted: 27 Oct 2020 05:50 AM PDT Hi all - looking for advice as we near negotiations on a house we're in contract in. It's a bit convoluted so strap in but basically a) we went into contract on a house 2 weeks ago after looking for a year b) we knew after our offer was accepted that there was unpermitted work (basement + loft bedroom and bathroom), but we were told it was done to code and we could inspect it, etc. so we decided to go forward. We are in a very unique situation where we need a specific layout for an elderly parent and in a VERY hot market in the midwest. Our main inspection was flawless, but our inspector was a bit concerned that the room was only accessed by a small 5 ft doorway (this is a former attic off of a loft space) and said we should contact the builder to ensure this is safe. The builder said, "hmm, we haven't seen this done before! Get a structural engineer in." We contacted a structural engineer but due to the way the room was constructed, he would have to remove extensive walls and floors. We got on a 3-way call with the seller and the engineer bc the engineer wanted to understand how it was done, and during that call, the seller said he actually did use a framer & engineer to create the space. (News to us!). Two days later he "can't find the names" of who he's used and we have no proof that this space is structurally sound. This space can never be permitted due to the low roof trusses when you enter. The work seems well done and everything else on the inspection was pristine, but we know this is a massive risk as we can not inspect the integrity of the structure. But we like the house and it works for us. We are considering moving forward and asking for a significant $ off to a) pretend this space doesn't exist and b) prepare for any chance we have to remove the whole bedroom and bathroom. We are already under list -$25K but we are considering asking for 10% more off to take on this risk. Does that seem insane? Fair? Should we just get out ASAP regardless? Our appraisal is due back today. [link] [comments] |
| To appraise or not to appraise? Posted: 27 Oct 2020 05:43 AM PDT We've first time homebuyers and last week we finally had our offer accepted! Inspection is tomorrow, we're very excited. Our agent recently told us that since we're strong buyers that the mortgage company is letting us waive the appraisal. The only thing is, there is a real fear that our offer is going to be higher than the house would appraise. It was above many of the comps we received and needs a lot of updating. If it doesn't appraise we could renegotiate. On the other hand, it'd be nice to save a few hundred bucks and I've heard that appraisers often find a way to make a house appraise (I don't know how true this is). So maybe it's not worth putting that much weight in the appraisal value. Any thoughts would be appreciated, thank you Redditors [link] [comments] |
| Prices just seem bananas....should we wait it out? (FL) Posted: 27 Oct 2020 05:26 AM PDT Title explains it, inventory in my city is super low as of right now, with 1.5 months of homes available in me and my spouse's target price range. Prices seem to be spiking about 15% from the beginning of the year, especially in the high demand areas, and homes that aren't ugly seem to fly off the shelves. I guess, should we wait things out until Q1 2021? Maybe keep tabs on the market from afar but don't jump on anything we aren't in love with? We're first time buyers and currently renting, and our lease isn't up until mid-May, so we're not in a rush right now to buy. Anyone thinking that after New Year's we might see an influx of supply from foreclosures, evictions, or people generally going back to moving? I am worried if we buy now the prices are just inflated and will deflate accordingly next year. [link] [comments] |
| Appliances in a New Construction - Finance or buy outright? Posted: 26 Oct 2020 07:37 PM PDT I am building a new home with a builder in an already established development. Our appliances are going to be about $11k. We have the option to either buy them outright or roll them into our mortgage. I am wondering if there is any benefit either way. I know we will be assessed on the appliances if we roll them into the mortgage and also have to pay interest on them for 30 years. But I also read that some people add them into the mortgage and just pay the extra money towards the down payment. What are your thoughts? [link] [comments] |
| When shopping for a house would it ever be wise to just use the listing agent as your buyers agent? Posted: 27 Oct 2020 12:27 AM PDT I mean what's to stop them from favoring bids that would allow representation on both sides over the other? [link] [comments] |
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